Summary
Today I’m chatting to Lacey Filipich, author of ‘Money School’ which is an Australian book about becoming financially independent and reclaiming your life.
Lacey resume is very impressive, she’s an engineer, author and successful entrepreneur starting multiple companies who reached financial independence in her early 30s.
Some of the topics in today’s pod include:
➡Lacey’s upbringing and her road to financial independence (0:02:12)
➡Burning out at work (0:10:48)
➡Lacey’s investment strategies and current asset allocations (0:22:40)
➡The Money School Book (0:56:42)
➡How you can use Options with a FIRE strategy (1:05:34)
➡Bank bail in-laws and what it could mean for people holding large amounts of cash (1:14:51)
Show Notes
Transcript:
Heads up grammar Nazis, the following transcription is half human half machine and not 100% perfect so expect a few typos and errors…
Coming Soon
Amazing! Thanks so much AFB and Lacey for that pod. Lacey is my hero! Looking forward to reading the book and absorbing more about FIRE or FITR 🙂
Aww shucks, thanks Amanda! Glad you liked it, and hope to chat about FITR in the AFB FB group when you have checked out the book 🙂
Fantastic podcast Lacey & AFB!
Such a wonderful story. I’ve been a fan of Lacey’s content for years. First saw the TEDx talk back in 2018 and discovered Lacey’s Money School book via the AFB Facebook group in 2020. Highly recommended! I especially loved the concept of achieving a Financially Independent Time Rich life – because time is our most precious, non-renewable resource. I got chills reading that.
Another concept that I literally laughed out loud about, whilst reading on the train to work by the way, was the “Shit to Gold ratio”. Every job has some shit, but its only when the shit outweighs the gold that you have a problem. So, hence the goal of being more Time Rich in work and in life is to figure out, how do you get more gold and less shit in your day, week, month? Some awesome and hilarious stuff Lacey!
Besides the book, I’ve enjoyed Lacey’s advocacy of empowering women to take control of their finances, even and perhaps especially if they’re in a marriage to safeguard themselves. And finally, sometime last year, the somewhat controversial stance on things like Universal Basic Income was a goldmine. Some though provoking stuff. Thanks for all you do for the Aussie FI community Lacey!
Aww thanks Papa Jaypes. Much appreciated 🙂
Love this! Thank you 🙂
Thanks Jodes 🙂
Great Pod. Big fan of Lacey since the TEDx talk on mini retirements, so glad to hear you two together! Can definitely relate to the feeling of burn out at work having gone through something similar myself. Glad to hear Rich Dad Poor Dad was one of your first major influences too Lacey!
Thanks CaptainFI! I don’t know about you, but my experience of burnout has motivated me never to go there again! Great to be in the FIRE community with you 🙂
Great pod. Looking fwd to read Lacey’s book.
@aussiefirebug, thanks for asking about Options. I shied away from Options, cos I dont think I understood what it was completely. Perhaps you can include in your FIRE survey on how many ppl use Options in Australia to reach FIRE? I guess there wont be that many here in aus, but worth asking that ques i guess.
Great idea! I don’t know how many people actually do this; because it’s a more active option than the passive investing ones most popular in FIRE communities I suspect it won’t be widespread. But always good to ask 🙂
Thanks Kabali,
I’ll add it to next years survey 🙂
Hey Lacey, what a pleasant surprise to hear you on Matts podcast today!
I think you’d be well impressed with both Jeldi & Cory these days 😊
Great podcast from the “High Heeled Investor”??? 😉😂 bit of a spin off on Scotts barefoot….
Fancy seeing you in here! I’ve been following Cory’s stuff on FB so had seen all the work they’ve been doing, you must be very proud of both of your kids, they’re incredible. Haven’t seen that podcast, will check it out 🙂
Interesting podcast, thanks for that AFB!
Lacey if you’re answering comments obviously you’re at least somewhat familiar with using puts to hedge the downside so I’m wondering why you didn’t buy some slightly longer dated puts back in March rather than going to cash entirely? Obviously they’d have been expensive due to inherent vol skew plus the spike in vol at the time, but it would avoid having to presumably pay a lot of CGT on the shares that you sold and you wouldn’t have to make a decision on when to get back into the market?
Alternatively why not just sell down enough of your shares so that there are a few years worth of living expenses in cash and you have peace of mind rather than selling everything?
Hi Aussie HIFIRE, excellent question.
I felt there was too much unknown to leave it as is (re: the shares and super specifically, ignoring the IPs). It was almost entirely a sleep-well decision.
I also was thinking any tax hit would be worth it for potential capital growth upside by redeploying the capital elsewhere. Specifically, I was thinking I might buy more property with that cash.
That didn’t happen: caring duties took over for nine weeks with my kids at home (we pulled them out of school early and didn’t go back till mid May) then four days later my mum got sick and I was caring for her till she passed in late September.
Now that I have her estate to include, along with holding some of her shares in trust for grandkids, so I’m pondering a structural change.
If another pandemic comes along, I won’t do the same thing.
I like to hear a lady being interviewed, as finance discussion is mostly men. Your voice is very positive and you explain things well.
I was a little sad to hear about you selling out of the sharemarket and going to cash in March.
Lacey – you sound like an uber-awesome, naturally fun, upbeat person – it really comes across in your voice and expressions. Loved this episode – thanks AFB!